Oil prices edge higher as investors assess Iran-Israel ceasefire
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Business Standard
36 minutes ago
- Business Standard
Broad-based buying lifts markets; smallcaps, IT, consumer durables outpace
Shares of information technology and consumer durables-related companies were outperforming the benchmarks as Indian equity indices BSE Sensex and NSE Nifty continued their northward trend for the second consecutive session on Wednesday, June 25. In the broader markets, it was small-cap shares that witnessed heavy buying interest, with the Nifty Smallcap100 index outpacing the benchmarks. Last checked, the BSE Sensex was trading at 82,637.31, higher by 582.20 points or 0.71 per cent. The index has traded in the range of 82,675.91–82,339.57 so far on Wednesday. Barring Bharat Electronics (down 1.5 per cent), Kotak Mahindra Bank (down 0.59 per cent), Axis Bank (0.27 per cent), and ICICI Bank (0.08 per cent), all other 26 constituent stocks of the Sensex were trading higher, led by Titan, Tech Mahindra, Infosys, Reliance Industries, and Power Grid Corporation, which were rallying in the range of 1.39–3.03 per cent during intra-day trade on Wednesday. Mirroring Sensex, the NSE Nifty50 was trading higher by 164.65 points or 0.66 per cent at 25,209. The 50-share index has fluctuated in the range of 25,220.50–25,125.05 today. For the Nifty50 index, a crucial hurdle, Hardik Matalia, derivative analyst at Choice Broking, said, is placed in the 25,200–25,300 range. Sustaining above this zone, he believes, could attract fresh buying interest and lead to further gains. "Given the current global backdrop and intraday volatility, traders are advised to remain cautious, avoid large overnight positions, and maintain strict stop-loss levels to manage risk effectively," said Matalia. On the lower side, the immediate support for the Nifty is placed at the 25,000 level, with stronger support seen around the 24,800 zone. "A breach below these levels may trigger cautious sentiment among traders." Smallcap shares outperform Among the broader markets, the Nifty Smallcap100 index outperformed other benchmarks, trading higher by 1.59 per cent. Top gainers were Multi Commodity Exchange of India (MCX), Welspun Living, and IndiaMART InterMESH, all rising over 6 per cent. At the same time, the Nifty Midcap100 index was trading higher by 0.41 per cent, led by Aditya Birla Fashion, Kalyan Jewellers, Vodafone Idea, and SJVN—all gaining over 3 per cent. IT, consumer durables rally Among sectoral indices on the NSE, Nifty Consumer Durables and IT indices outperformed others, trading higher by 1.49 per cent and 1.29 per cent, respectively. In consumer durables, Kalyan Jewellers (up 3.59 per cent) and Titan Company (3.29 per cent) were top gainers, while in IT, LTIMindtree (2.08 per cent) and Mphasis (1.82 per cent) led the gains. Barring the Nifty Private Bank index, which traded with a loss of merely 0.06 per cent, all the other sectoral indices on the NSE were ruling higher during intra-day trade on Wednesday. Market breadth remains positive Market breadth remained positive, with 2,053 out of 2,734 stocks trading higher, 601 trading lower, and 80 unchanged on the NSE. As many as 42 stocks were quoting at 52-week highs on the NSE, while 19 touched 52-week lows. The number of stocks hitting the upper circuit rose to 74, while 28 were hitting their lower circuit limits. The market cap of the total listed companies on the NSE stood at ₹5.20 trillion. Meanwhile, the India VIX, which gauges volatility in the markets, traded lower by 3.13 per cent at 13.22 points.
Economic Times
43 minutes ago
- Economic Times
Is the bull market running out of steam?
The last five years have been exceptional with unprecedented, unexpected events and developments. The first shock was the pandemic COVID-19 which triggered global recession in 2020. Before the global economy could limp back to normalcy Russia invaded Ukraine in 2022 and a war in Europe, which was totally unexpected, broke out. ADVERTISEMENT This war and the supply chain disruptions caused by the pandemic caused high inflation globally and central banks had to implement hawkish monetary policy causing convulsions in the stock and currency markets. By the time inflation was tamed, the Hamas-Israel conflict broke out. The terror attack in Pahalgam led to a short conflict between India and Pakistan. With the war in Gaza still raging, Israel attacked Iran rendering West Asia a geopolitical hot spot, and crude oil spiked by more than 10 did impact stock markets globally; but markets staged a dramatic turnaround after the COVID crash. MSCI World Index more than doubled from the low of around 1850 to 3900 by mid- June 2025. S&P 500, too, more than doubled from about 2480 in March 2020 to around 6000 in mid-June 2025. ADVERTISEMENT Nifty has been one of the star performers: more than tripling from the COVID low of 7511 in March 2020 to around 25000 by mid-June is in sharp contrast to the poor return delivered by the Shanghai composite which only crawled up from 2700 in March 2020 to 3360 by mid- June 2025. ADVERTISEMENT The sharp rally in the market has been triggered by the sharp turnaround in the economy and corporate earnings from 2021 onwards. India had the best growth turnaround among large economies with GDP growth rates of 9.7 percent, 7.6 percent and 9.2 percent for FY22, FY23 and FY24 respectively. ADVERTISEMENT Corporate earnings grew impressively at 24 percent CAGR during FY20 to FY24 providing the fundamental support to the rally. GDP growth slowed down to 6.5 percent in FY 25 and earnings growth dipped sharply to 5 percent in FY25 rendering valuations expensive. Nifty at 24500 is trading at about 22 times FY26 earnings. ADVERTISEMENT This is higher than the long-term (last 10 years) average of 18.5 times. This premium valuation can trigger FII selling at higher levels putting a cap on the upside to the macros are India's strength. GDP growth, fiscal and current account deficits, inflation, forex reserves and growth-stimulating fiscal and monetary policies are all the micros -corporate earnings- are the weak spot. A sustained rally can happen only if the micros will take a few quarters more. Therefore, the bull is likely to pause for some time. Investors need to expect only modest returns in 2025. (The author is Chief Investment Strategist, Geojit Financial Services) (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel) (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of
Economic Times
an hour ago
- Economic Times
Ambani's biggest risk and dreams powering Reliance today
(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online.
